Banks, Digital & A Recessionary Relationship Reset Posted on


MullenLowe Profero have launched their latest research report into Financial Wellbeing, and why it should sit at the heart of a Banks digital experience as the UK enters recession.

We’ve surveyed the 18-25 yo and SME markets (those worst hit by recent events) to ask what they will need from their banks moving forward, and the implications for banks and financial services digital experiences over the coming months.

If you’re interested in discussing the report in more detail, drop us a line at insights@mullenloweprofero.com

The findings from this survey are a wake up call demanding digital innovation in banking relationships.

The looming recession is fuelling a dramatic need for financial wellbeing support during a time where the digital experience is gaining importance, but lacking empathy.

With great need comes great opportunity for innovation and a chance to support those most vulnerable. This research focuses on two of the hardest hit communities, 18-25 year olds and small businesses. Both groups have been impacted by the pandemic and are telling us clearly they are seeking increasing support from financial service brands in an ever more digital world.

We’ve considered this challenge through 3 points of view on financial wellbeing: individual, community and global.

We’ve seen an increase in desire for individual wellbeing, education, and active support in a time where digital experiences lack emotional engagement and intelligence.

The importance of local community has heightened, but there is a gap between the need to support these communities and the shift towards digital, branchless services.

We’ve seen that global wellbeing and what it means to us has changed. People are seeking brands that are better for the world but are more sceptical to view bank brands as a force for good.

In this time of reset, with a third of customers and small businesses more likely to consider changing banks in the next year as a result of the impact of the pandemic, we believe the brands that will win will champion financial wellbeing and gain a loyal following because of it.

If you’re interested in discussing the report in more detail, drop us a line at insights@mullenloweprofero.com